PNG Prime Minister James Marape has affirmed the government’s commitment to establishing the Pacific nation’s own gold refinery supported by the proposed National Gold Corporation Bill 2024.
Speaking at the Bill’s consultation workshop hosted by the Ministry of Mining, Marape highlighted the government’s commitment to maintaining steadfast goals for downstream processing of gold and other resources.
“We have been exporting our natural resources overseas and then buying the finished products again, thus importing them back into our nation,” he said.
“We want to turn things around by establishing refineries for the benefit of Papua New Guinea.
“And in this case, through this Bill, we want to have a gold refinery to enable downstream processing of our gold.”
Marape said establishing a gold refinery locally will permit PNG to take stock and manage its resources more efficiently.
“We do not have to grow our economy from outside; it can be grown from within,” he said.
“Many developed countries present in the world today are where they are because they initiated change for economic prosperity like this which they are enjoying now.
“Change and reform for the better comes with challenges and opposition, and we welcome that.”
Marape assured consultation participants that the National Gold Corporation Bill 2024 is designed to benefit PNG without negatively impacting existing mining businesses or their contracts.
“This Bill in no way intends to disarm mining businesses of their contracts, or deter investors on their return upon investment,” he said.
“In fact, this government wants to add value to the mining industry of the country.
“We will give you an option to refine your golds locally and if you so wish sell your gold at world market price locally.”
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